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Can Crypto Market Predict Gold Movements?

Can Crypto Market Predict Gold Movements?

Information is not investment advice

What happened?

Gold and cryptocurrencies demonstrate a correlation since 2021.  These assets have equal conjecture as both have limited emission. That fact provides these assets with a status of “haven”, which means traders prefer to purchase them during periods of high market volatility and at the moments when high inflation risks occur.

Technical examples

Ethereum, daily chart

Screenshot_9.png

As you can see Ethereum price created two minimums and the maximum at February 28, March 25, and May 12 respectively.

Gold, daily chart

XAUUSDDaily.png

Gold price drew double bottom on March 8 and March 30, approximately a week after Ethereum did. Also, it gained the highest point on June 1, approximately 2 weeks after crypto did.

Lately crypto market dropped on July 20 and Gold followed it on August 9.

At the moment, the crypto market demonstrates extreme growth. Do you have any suggestions about gold’s future? Let’s check it!

30 min, Ethereum chart

ETHUSDM30.png

30 min, gold chart

XAUUSDM30.png

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Since November 2021, Bitcoin (BTCUSD) has been experiencing a strong downtrend losing over 70% from its all-time high.

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